Finding the right bank account is crucial when moving to Australia, especially for expats and non-residents. Understanding the requirements and timing for opening an Australian bank account can help avoid high fees associated with using a foreign card for daily expenses. It’s recommended that you carefully assess your options, and educate yourself on the most popular / best banks for immigrants and temporary residents in Australia.
Sorting through the various banking options geared at newcomers to the country can be a challenge. The choices aren’t limitless, but they include the major players – the ‘Big Five’ banks – that dominate the market and offer a wide range of services.
Let’s dive into what each banking option brings to the table for expats.
Best Australian Banks for Expats and Non-Residents in 2024
The number of options which Australian expats and immigrants have when it comes to banking is satisfactory, although not comparable to the most developed Fintech and banking markets like the U.S or the UK (comparable to Canada). We have identified slightly less than two dozen options, and these are the main ones – representing the biggest banks and Fintechs in Australia.
| Bank/Fintech | Expat Friendly | Full Banking | Multi-Currency Account | Documents Required | Geared For |
|---|---|---|---|---|---|
| Commonwealth Bank | No | Yes | No | Passport, visa | General Banking |
| Westpac | Yes | Yes | Yes | Passport, visa | Expat Services |
| NAB | No | Yes | No | Passport, visa | General Banking |
| ANZ | Yes | Yes | Yes | Passport, visa | Expat Services |
| Macquarie Bank | Yes | Yes | Yes | Passport, visa, proof of address | High-Net-Worth Individuals |
| HSBC Expat | Yes | Yes | Yes | Passport, proof of income | Global Citizens |
| Wise | Yes | Limited | Yes | Passport, selfie verification | Online Money Transfers |
| Revolut | Yes | Limited | Yes | Passport, selfie verification | Digital Banking |
Best Account for Expats & Relocation: HSBC Expat
HSBC Expat offers a range of banking solutions designed for Australian expats and those moving to Australia. Their services include multi-currency accounts, allowing you to manage various currencies from a single account, which can be beneficial for international transactions. You don’t need to be a resident of any country to become eligible for this global account!
Additionally, HSBC Expat provides options for international investments and loans, catering to the financial needs of individuals living and working abroad. High-interest savings accounts are available to help you grow your savings efficiently.
Their online and mobile banking platforms ensure you can access and manage your accounts from anywhere in the world, providing flexibility and control over your finances. A multi-currency debit/credit card is also offered, suitable for international spending.
Disclaimer: To qualify for HSBC Expat services, a minimum deposit of 50,000 AUD or an annual salary of at least 200,000 AUD is required.
Best Neobank Multi-Currency Account for Businesses
Payoneer is a global multi-currency account solution tailored for businesses operating internationally, including those based in Australia. It enables you to receive, hold, and pay in multiple currencies through local receiving accounts, such as USD, EUR, GBP, JPY, CAD, and AUD, eliminating the need for local bank accounts in each country.
The platform offers competitive currency conversion rates, typically around 0.5% above the mid-market rate, and transparent fee structures. With Payoneer, you can manage your international payments efficiently, whether you're dealing with clients, suppliers, or marketplaces.
Payoneer also provides additional services like working capital solutions through its Capital Advance program, allowing eligible businesses to access funds based on future earnings. The platform supports payments in over 70 currencies and operates in more than 190 countries, making it a versatile tool for global business operations.
Security is a priority for Payoneer, with the company employing advanced encryption and being regulated by financial authorities in various jurisdictions. Its user-friendly interface and comprehensive features make it a strong choice for businesses seeking a reliable multi-currency account solution.
Best International Money Transfer Platform for Australian Expats and Non-Residents
Xe is a globally recognized money transfer service, particularly prominent in Australia, the UK, and North America. With over 30 years in the industry, Xe has built a reputation for providing fast, secure, and straightforward international money transfers. The company boasts a 4.7 out of 5-star rating on Trustpilot, reflecting high customer satisfaction
Xe caters to both personal and business clients, offering services that range from one-off transfers to regular payments. Whether you're dealing with property purchases, paying overseas suppliers, or sending money to family, Xe provides a platform designed to handle various transfer needs.
For those looking to manage currency risk, Xe provides tools like forward contracts and market orders, allowing you to lock in exchange rates or set target rates for future transfers. This is particularly useful for businesses or individuals planning large transactions.
In terms of security, Xe employs advanced encryption and is regulated by financial authorities in the regions it operates, including the Australian Securities and Investments Commission (ASIC).
Top 6 Bank Accounts for Expats in Australia
If I was considering a bank account in Australia I’d normally stick into having a bank account with an established/big bank where I would hold most of my money in. I would probably opt for a foreign currency account with a Fintech to use for international money transfers, but savings and investing are in my book a big bank must have.
Hence, the best 6 bank accounts for expats in Australia are consisting of 5 large Australian banks and one large international/British bank (its Jersey entity in this case, but still a large bank).
| Rank | Bank Name | Account Requirements | Process to Open | Key Features ⭐ |
|---|---|---|---|---|
| #1 | Commonwealth Bank | Passport, visa | Online up to three months before/after arrival |
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| #2 | Westpac | Passport, visa | Online before arrival, visit branch upon arrival |
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| #3 | NAB | Passport, visa | Online before arrival, identity verification upon arrival |
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| #4 | ANZ | Passport, visa | Online up to 12 months before arrival |
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| #5 | Macquarie Bank | Passport, visa, proof of address | Online application, identity verification required |
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| #6 | HSBC Expat | £25,000 (~50,000 AUD) in savings or investments | Online application, dedicated relationship manager |
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Multi-Currency Account Solutions for Expats
Expat-friendly multi-currency accounts offer the flexibility to hold, manage, and exchange money in various currencies without hefty fees. View our comparison below:
| Bank/Fintech | Multi-Currency Account | Currencies | Key Features |
|---|---|---|---|
| ANZ | Yes | AUD, USD, EUR, GBP |
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| Macquarie Bank | Yes | AUD, USD, EUR, GBP |
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| HSBC Expat | Yes | AUD, USD, EUR, GBP, HKD |
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| Wise | Yes | AUD, USD, EUR, GBP, DKK, PLN |
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| Revolut | Yes | AUD, USD, EUR, GBP, JPY, SGD |
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| Airwallex | Yes | AUD, USD, EUR, GBP, CNY, SGD |
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Simplifying your selection
Choosing any financial product really does depend on your individual conditions. That’s why I built this tool that summarises my findings on Australian bank accounts for expats in an interactive way. Just follow through the questions and get a tailored recommendation where to start. THIS IS NOT FINANCIAL ADVICE OR ANY OTHER ADVICE! Just an automated tool with limited capabilities.
What are your banking needs?
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What type of account are you looking for?
How quickly do you need to set up your account?
Use this guide to navigate your banking options as a non-resident in Australia effectively. Choosing the right bank will ease your transition and ensure you enjoy low fees and comprehensive services. Start your new life in Australia with the best bank for your needs.